Musical Milestone: 100 Million Subs
• Last year, for the first time ever, paid streaming subscriptions hit 100 million in the U.S., according to Recording Industry Association of America® (RIAA)’s annual recorded music revenue report. The digital milestone represents the largest source of revenue — coupled with vinyl’s nearly two-decade resurgence and emerging partnerships — and shows the variety of ways fans are interacting with music. The full RIAA 2024 Year-End Revenue Report reflects sustained and continued growth in recorded music, now valued at $17.7 billion retail and $11.3 billion wholesale.
“Twenty years into the streaming era, over 100 million paid subscriptions now deliver two-thirds of industry revenues, a historic milestone powering America’s music economy forward,” said RIAA Chairman & CEO Mitch Glazier. “It’s an extraordinary achievement by an industry that has successfully focused on its creative and commercial core by championing innovative new services, options, and experiences that add real value for fans.”
Glazier added, “Music has never been more dynamic, compelling, and relevant — reaching out beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments or must-see films and biopics. And American fans and superfans’ dedication to the artists they support promises an even brighter future as record labels work to create new opportunities that boost incomes for artists and diverse revenue streams to grow the pie for everyone with a stake in the music economy.”
RIAA VP of Research Matt Bass commented, “Historic paid streaming revenues and subscriptions fueled sustained growth for a ninth consecutive year with total revenues of $17.7 billion in 2024. Fans continue to embrace artist discovery, explore new and unique sounds from familiar voices, and value a host of platforms and formats, including the special love affair superfans have always had with vinyl, taking our industry to new and remarkable heights. As innovative platforms emerge and additional sources responsibly license music, there will be even more creative opportunities for fans to support and connect with their favorite artists’ music.”
Read the full 2024 RIAA Year-End Revenue Report HERE.
